The Austin office market closed the year with a citywide vacancy rate of 15 percent — down from 15.9 percent in 3Q 2012 and improved compared with 17.2 percent recorded at the end of 2011.

The average quoted rental rate for Austin area office space ticked up two cents from 3Q 2012 to reach $26.53 per sf per year — up sixty-five cents compared to 4Q 2011 for a moderate annual increase of 2.5 percent.